Tullow Oil Plc · LSE:TLW
Tullow Oil — Debt Investor Presentation (February 2026)
14 slides from Tullow Oil's debt investor presentation, Feb 20, 2026
Slide 1: Credit presentation
Credit presentation 20 February 2026
Slide 2: Disclaimer
Disclaimer This presentation contains certain forward-looking statements that are subject to the usual risk factors and uncertainties associated with the oil and gas exploration and production business. Whilst Tullow Oil plc believes the expectations reflected herein to be reasonable in light of the
Slide 3: Building foundations for improved performance
Building foundations for improved performance Tullow is well positioned with a reputation as a trusted partner and responsible operator 2025: a foundation for Outlook: opportunities Reset Board with… improved performance to realise potential Roald Goethe • Asset consolidation, with • Better cash flo
Slide 4: Refinancing Transaction
Refinancing Transaction Strengthening financial position to deliver value for stakeholders Highlights Cash interest reduction Runway extension to 2028 • Senior Secured Notes (SSNs) extended to November 20281, with at least $100 million redeemed on the day after the Closing Date, creating runway to d
Slide 5: Refinancing Transaction: Summary of key terms
Refinancing Transaction Summary of key terms Extended Notes Glencore Junior Notes Cargo Prepayment Facility • $1,185 million post $100 million Closing • $400 million Amount • Up to $100 million Date Notes Redemption • + deferred interest under the Amount Amount • +$25m add-on issued to Glencore (on
Slide 6: Transaction completion expected in second quarter 2026
Transaction completion expected in second quarter 2026 Process and timetable Lock-up Agreement (LUA) • Binding LUA with c.66% of holders of SSNs and Glencore to implement Refinancing Transaction via consent solicitation or English restructuring plan Lock-Up Fees • 1.00% of SSNs payable in cash + 5%
Slide 7: A clear set of actions to maximise value
A clear set of actions to maximise value 2P growth potential underpinned by operational performance and new data/projects Background Potential to increase recovery factors • Petroleum Agreement extensions highlighting collaborative GoG relationship and realise material value1 upside • Security for g
Slide 8: A stable platform to realise value
A stable platform to realise value Financial runway secured to execute our Business Plan Reset Refinancing Strategic Improved Government agreed foundations performance relations • Reducing total cash • Petroleum Agreement • Data acquisition • Future infill drilling interest extensions (4D/OBN) impro
Slide 9: Tullow Oil plc
Tullow Oil plc 9 Chiswick Park, 566 Chiswick High Road London W4 5XT United Kingdom Tel: +44 (0)20 3249 9000 Email: ir@tullowoil.com Web: www.tullowoil.com
Slide 10: Appendix
Appendix Credit presentation Tullow | Credit presentation 10
Slide 11: Transaction overview
Transaction overview Indicative cash sources and uses Sources $m Uses $m Cash on balance sheet 218 Notes Redemption of Extended Notes1 100 Accrued but unpaid interest on Senior Secured Notes 66 Cash Lock-up Fee to Senior Secured Noteholders2 13 Glencore Cash Transaction Fee 5 CPF Upfront Fee3 1 Indi
Slide 12: Refinancing Transaction: Extended Notes key terms
Refinancing Transaction Summary of key terms Extended Notes • $1,285m at issuance, reduced to $1,185m immediately via $100m Closing Date Notes Redemption funded from excess cash Amount • Additional issuance: $25m of Extended Notes to be issued to Glencore post-redemption as a transaction fee (privat
Slide 13: Refinancing Transaction: Glencore Junior Notes and CPF terms
Refinancing Transaction Summary of key terms Glencore Junior Notes Cargo Prepayment Facility • $400m plus (a) all accrued but unpaid interest deferred under the Amount • Up to $100m Amount Glencore Facility and released at closing; and (b) 0.50% PIK Lock-Up Fee Borrower • Tullow Ghana Limited Issuer
Slide 14: Tullow Oil plc
Tullow Oil plc 9 Chiswick Park, 566 Chiswick High Road London W4 5XT United Kingdom Tel: +44 (0)20 3249 9000 Email: ir@tullowoil.com Web: www.tullowoil.com
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